WEEKLY
RESISTANCE FOR NIFTY: 8819, 8848, 8875, 8900
PIVOT
POINT: 8790
WEEKLY
SUPPORT FOR NIFTY : 8764,8737,8700,8679
WEEKLY CHAT FOR NIFTYDAILY RESISTANCE FOR NIFTY: 8823, 8840, 8864,8890
PIVOT
POINT: 8811
DAILY
SUPPORT FOR NIFTY : 8780, 8767, 8743,8700
DAILY
CHART FOR NIFTY
Sensex opened the week at 28426, made
a high of 22469, low of 28168 and closed the week at 28325.
Thus it closed the week with a gain of 457points. At the same time the
Nifty opened the week at 8808, made a high of 8843, low of 8732and
closed the week at 8809.Thus it closed the week with a gain of 137points.Indices settled the day flat even ahead of December factory
output later today on hopes of reviving economy. The factory output grew by
5.7% in November even after the note ban announced by PM NarendraModi. Sentiment
was also affected as Asian shares rallied to an 18-month peak on Friday, as
investors cheered upbeat Chinese trade data.Nifty continued to hover around
8,800 levels.
Go long on dips at 8,805 with a stop-loss at 8,780
The Nifty is continuing to face resistance around 8,840.The contract made an
intraday high of 8,839 and has come-off from there. Nifty is below the psychological 8,840-Mark.
Whether the nifty breaks above 8,840 or not will decide the move for the rest
of the sessions. A strong break above 8,840 will see the up-move extending to
8,880 or 8,950 . Short-term traders with high risk appetite can go long on a
break above 8,840. Stop-loss can be placed at 8,700 for the target of 8,880/8950.The
inability to break above 8,840 can trigger a pull-back move to 8,650 or 8,640. It
is currently stuck inside a narrow range between 8,800 and 8,820.But a strong
break below 8,700, which looks less probable at the moment, may drag the nifty
lower to 8,600.
Though the immediate outlook
is unclear, the bias is bullish on the charts. Key support is in the
8,800-8,790 region which can limit the downside.Traders with high risk appetite
can go long on dips near 8,805. Stop-loss can be placed at 8,780 for the target
of 8,850.The outlook will turn negative only if the index breaks below 8,780.
The next targets are 8,750.
TECHNICALLY SPEAKING.
The support for the Nifty is 8780-8750-8700-8655-8600-8855-8830
and the resistance to the up move is at 8840-8865-8900-8845-8875-8900-8950
levels.MACD and Price ROC are both positive and continue in buy mode. RSI (70)
suggests bearish momentum. This week, the indices tested the short
term average of 22dma Nifty – 8610 close above it. the indices continue to
remain above the medium term
average of 55dma Nifty – 8465 but above the long term average of 200dma Nifty –8340. Thus
the trend in the short term and medium term timeframe remains bullish whereas
the trend in the long term timeframe still continues to remain bullish. Technically,
Indian Stock Market is still in positive zone and traders should go long at
every dip in the market. Some profit booking can’t be ruled out but every
downfall would be temporary and an opportunity for traders to go long in the
market. Nifty is now headed towards 8900-9000 levels. Traders can hold long
positions with stoploss of 8700 for Nifty and. Market would enter into negative
zone, if it closes below 8700 levels. For now, Market has taken monthly
reversal and 9000 levels would achieve in upcoming days for Nifty irrespective
of any temporary downfall.
Thanks for you’re sharing this!I read your blog daily. I do trade in nifty but now I also want to start trade in commodity. So can you suggest me for that?
ReplyDeleteSir we are providing mcx tips also. for mcx tips visit COMMODITY TRADING TIPS
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